New Study by Kronos and Brandon Hall Group Finds Analytics to Be the Top Benefit of Workforce Management Technology
CHELMSFORD, Mass., Oct. 19, 2015 - New research conducted by Brandon Hall Group for Kronos Incorporated finds that the use of technology to improve insight through reporting and analytics is the number one benefit of workforce management. Analysis produced from this research finds that the majority of organizations prefer SaaS/cloud delivery of their workforce management solutions, regardless of their current technology deployment1.
- The report - Four Keys to Realizing a Total Return on Your Workforce Technology Investment - highlights that to truly account for the value created by workforce management technology, organizations should consider the following four categories:
- Cost: Organizations are realizing cost savings and moving beyond efficiency by automating more of their workforce management processes. More than 42 percent of organizations automating both time and attendance and scheduling saw a reduction in manual HR transactions. They also experienced less unplanned overtime by nearly one-third.
- Deploying in the cloud is another way to realize cost savings and to reduce investment of IT time and resources. Those implementing in the cloud were 21 percent more likely to report going live on time compared with those implementing on-premise solutions, and twice as likely to come in at or under budget. The report cited Kronos customer Aztec Shops, located on the San Diego University campus, as an organization that reduced costs and freed up internal resources by choosing to deploy in the Kronos Cloud.
- Compliance: By creating a single source of truth for workforce management data, organizations can help ensure that they apply business rules consistently to reduce compliance risk. Organizations that have fully integrated time and scheduling solutions are 80 percent more likely to agree that their workforce strategy ensures regulatory compliance.
- Beverage and hospitality company and Kronos customer Hall & Woodhouse is cited as an organization that automated workforce management to achieve better data visibility and apply analytics that allow it to improve efficiency, deliver exceptional customer service, and enable managers to make better decisions.
- Productivity and performance: The integration of workforce and business data to improve planning is a critical goal for organizations. The deep insight that organizations gain from visibility and analysis of this data helps balance business and employee needs to ensure that customer satisfaction, quality, and employee experience are all optimized. Organizations that have a strong alignment between workforce and business planning processes demonstrated a 61 percent year-over-year improvement in revenue growth, and more than twice the improvement in customer satisfaction.
- The report highlighted the University of Utah Healthcare System's use of Kronos workforce management solutions to align its staffing plans more closely with business and patient need, improving the productivity of its full-time staff and reducing dependence on temporary labor. This helps the organization reduce costs, improve organizational performance, and deliver better patient care.
- Trust and transparency: Organizations using employee self-service for access and visibility into workforce management reported significantly lower levels of voluntary turnover. They also saw nearly three times the year-over-year improvement in customer satisfaction and 79 percent greater year-over-year improvement in revenue. Trust and transparency also play a role in improving employee engagement by providing them with tools to manage leave and availability that can help them reduce unplanned absences while also making them feel like their voice is being heard.
- Forest City Enterprises, a national real estate company, was listed as an example of a company leveraging employee self-service to improve employee experience, productivity, and manager visibility across a diverse and dispersed workforce. It uses Kronos workforce management technology to control overtime cost and improve productivity across its many lines of business.
- Data compiled in this research study was garnered from Brandon Hall Group's HCM Technology Trends Study 2015. The study, which began in March 2015, included a survey of professionals who work in human capital management and/or HCM technology. The results in the report are based on responses from 365 professionals in 35 different industries. About 38 percent of the results are from 47 countries outside of the U.S. and Canada. The results featured in the report also include information from interviews conducted with more than two dozen senior leaders in HR or HCM executives from among the organizations surveyed.
Gregg Gordon, senior director, Big Data Practice, Kronos
"As this research from Brandon Hall shows, organizations are realizing more value out of the data they have already collected as a result of their process automation efforts. Ensuring greater access to information for transparency, reconciling multiple data streams for a single truth and implementing machine learning to better understand policy compliance are all proven methods to increase the return on investment from a company's workforce management solution."
Michael Rochelle, chief strategy officer and HCM principal analyst, Brandon Hall Group
"Organizations have access to large amounts of data and yet they often struggle to leverage their technology and the data to help the business move forward. This report shines a bright light on how organizations can get the most out of their workforce management technology investment through not only cost savings, but by increasing transparency, creating trust, and maximizing productivity and performance."
About Kronos Incorporated
Kronos is the global leader in delivering workforce management solutions in the cloud. Tens of thousands of organizations in more than 100 countries - including more than half of the Fortune 1000® - use Kronos to control labor costs, minimize compliance risk, and improve workforce productivity. Learn more about Kronos industry-specific time and attendance, scheduling, absence management, HR and payroll, hiring, and labor analytics applications at www.kronos.com. Kronos: Workforce Innovation That Works™.
© 2015 Kronos Incorporated (except where material is indicated as originating from the Brandon Hall Group Report or taken directly therefrom). All rights reserved. Kronos and the Kronos logo are registered trademarks and Workforce Innovation That Works is a trademark of Kronos Incorporated or a related company. See a complete list of Kronos trademarks. All other trademarks, if any, are property of their respective owners.
1 Data independently compiled by Brandon Hall Group. Research and report sponsored by Kronos Incorporated.
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